706 Terrace Blvd

Lancaster, NY 14043

$430,000
Last Sold Price
4
Beds
—
Baths
8,925 Sq. Ft.
$48 / Sq. Ft.
8,925
Sq. Ft.
$48
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 10/28/25
Closed 10/28/25

Description

Fully occupied 5-unit mixed-use investment property featuring one commercial unit and four residential apartments. This 1920-built building offers 8,925 square feet across three stories on a 40.5' x 120' lot with vinyl and brick construction and poured concrete basement. The property includes a 2-car attached garage plus 2 tandem parking spots with concrete driveway. Each unit has separate electric and gas meters with tenants paying their own utilities, while the owner pays water through one meter....Fully occupied 5-unit mixed-use investment property featuring one commercial unit and four residential apartments. This 1920-built building offers 8,925 square feet across three stories on a 40.5' x 120' lot with vinyl and brick construction and poured concrete basement. The property includes a 2-car attached garage plus 2 tandem parking spots with concrete driveway. Each unit has separate electric and gas meters with tenants paying their own utilities, while the owner pays water through one meter. Recent improvements include a house roof approximately 10 years old and garage roof 3 years old. Current financials show potential gross income of $64,300 with effective gross income of $61,085 after vacancy allowance. Net operating income is $40,792 after all expenses including property taxes ($7,630), insurance ($2,500), water ($1,000), repairs and maintenance ($3,054), management ($6,109), and vacancy allowance ($3,215). At the $450,000 asking price, this represents an 9.1% cap rate with all operating expenses included in calculations. The residential units are currently rented below market rates, presenting the opportunity to increase rents by approximately $12,000 annually. Based on current cap rates, this rent increase potential could add approximately $160,000 to the property value. The mixed-use nature provides diversified income from both commercial and residential tenants in Depew's stable rental market with access to major transportation routes. Property is ideal for investors seeking immediate cash flow with upside potential through rent optimization.
  1. Listed by Nicholas Giambra • Iconic Real Estate
    P: (716)-236-7644 C: (716)-239-6432 nicholas@giambrateam.com

Property Details for 706 Terrace Boulevard

On Waterfront
No
Parking Description
Two Spaces
Nearest Cross Street
Panora Street
LISTING UPDATED: 10/29/2025 08:54 AM

Property Details for 706 Terrace Boulevard

StatusClosed
MLS #B1613211
Days on Market53
Taxes$7,631 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family / Commercial
Year Built1920
Lot Size0.11 AC / 4,792 SF
CountyErie County
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Location

Listing Courtesy of Iconic Real Estate

Sold By Keller Williams Realty WNY

Add your commute

Building Information for 706 Terrace Boulevard

Stories4Residences4Year Built1920Building Size-Lot Size0.11 AC / 4,792 SF

Payment Calculator

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$2,732 per month

30 year fixed, 6.15% Interest

Principal and Interest

$2,096

Property Taxes

$636

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 706 Terrace Boulevard

Summary
Location and General Information
  • Elementary School District: Depew
  • High School District: Depew
  • Middle Or Junior School District: Depew
  • Village: Depew-Village
  • Human YN: Yes
Taxes and HOA Information
  • Area NYSWIS Code: Depew Village-Lancaster-145201
  • Tax Annual Amount: $7,631.00
Virtual Tour
Property
Lot Information
  • Building Area Source: Public Records
  • Building Area Total: 8925.0
  • Land Features: Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
  • Num Of Acres: 0.11
  • Lot Size Area: 0.11
  • Lot Size Square Feet: 4792.0
  • Lot Size Units: Acres
  • Parcel Number: 145201-104-630-0003-006-000
  • Road Frontage: City Street
  • Lot Number: 6
Property and Assessments
  • Property Condition: Resale
  • Senior Community YN: No
  • Assessed Value: $175,000
  • Year Built: 1920
  • Year Built Description: Existing
  • Property Sub Type Additional: Commercial
Utilities
  • Electric Service: Circuit Breakers
  • Num Of Electric Meters: 5
  • Num Of Gas Meters: 5
  • Sewer Description: Connected
  • Utilities Available: Electricity Available, Electricity Connected, High Speed Internet Available, Sewer Connected, Water Connected
  • Water Supply: Connected, Public
Interior and Exterior Features
Exterior Features
  • Community Features: Other, See Remarks
  • Construction Materials: Brick, Vinyl Siding, Copper Plumbing, Pex Plumbing
  • Exterior Features: Concrete Driveway
  • Roof Description: Asphalt
Interior Features
  • Appliances: Appliances Negotiable, Dishwasher, Gas Oven, Gas Range, Gas Water Heater, Refrigerator
  • Basement Description: Full
  • Basement YN: Yes
  • Num Of Possible Bedrooms: 4
  • HVAC Type: Central Air
  • Cooling YN: Yes
  • Num Fireplaces Total Calculated: 0
  • Fireplace YN: No
  • Floor Description: Carpet, Laminate, Varies, Vinyl
  • Heating: Gas, Forced Air
  • Heating YN: Yes
  • Interior Features: Ceiling Fans
  • Sq Ft Total: 8925.0
  • Main Level Bathrooms: 0
Multi Family
Multi-Family Information
  • Gross Annual Income: $64,300.00
  • Net Operating Income: $33,161.00
  • Number Of Units Total: 4
  • Operating Expenses: $23,508.00
  • Operating Expense Includes: Insurance, Maintenance Structure, Maintenance, Professional Management, Snow Removal, Trash, Utilities, Water Sewer
  • Stories: 4
  • Stories Total: 4
Rental
Rental Information
  • Rent Includes: Common Area Maintenance, Snow Removal, Trash Collection, Water

Property History for 706 Terrace Boulevard

DateEvent & SourcePriceAppreciation
Oct 28, 2025

Sold

WNYREIS #B1613211

$430,000—
Oct 19, 2025

Sold (Public Record)

Public Record #1925897780

$430,000

+12.6% / yr

Aug 1, 2025

Pending

WNYREIS #B1613211

—
Jun 9, 2025

Listed (Active)

WNYREIS #B1613211

$500,000—
Apr 1, 2015

Sold

WNYREIS #B458158

$122,500—
Mar 25, 2015

Sold (Public Record)

Public Record #547729275

$122,500—
Nov 15, 2014

Pending

WNYREIS #B458158

—
Aug 3, 2014

Listed (Active)

WNYREIS #B458158

$159,900—
DateEvent & SourcePrice
10/28/2025

Sold

WNYREIS #B1613211

$430,000
10/19/2025

Sold (Public Record)

Public Record #1925897780

$430,000

+12.6% / yr

08/01/2025

Pending

WNYREIS #B1613211

—
06/09/2025

Listed (Active)

WNYREIS #B1613211

$500,000
04/01/2015

Sold

WNYREIS #B458158

$122,500
03/25/2015

Sold (Public Record)

Public Record #547729275

$122,500
11/15/2014

Pending

WNYREIS #B458158

—
08/03/2014

Listed (Active)

WNYREIS #B458158

$159,900

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 706 Terrace Boulevard

Taxable ValueLand$3,400Additions$171,600Total$175,000
Tax Record2024$7,242 ($604 / month)
Home Facts
Total Finished SqFt5,950 SqFtAbove Grade Finished SqFt5,950 SqFtUnfinished Basement SqFt2,975 SqFtStories2Lot Size4,792 SqFtStyleOffice BuildingYear Built1900Year Renovated1985Zoning00000CountyERIEAPN145201 104.63-3-6

Schools near 706 Terrace Boulevard

This home is within Depew Union Free School District.
Rating
School
Type
Grades
Distance
Cayuga Heights Elementary School
Public - PK to 5
Depew Middle School
Public - 6 to 8
Depew High School
Public - 9 to 12
God's New Covenant Academy
Private - 11 to 12
Rating
School
Distance
Cayuga Heights Elementary School
PublicPK to 5

Depew Middle School
Public6 to 8

Depew High School
Public9 to 12

God's New Covenant Academy
Private11 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Iconic Real Estate

Based on information from one of the following Multiple Listing Services: WNYREIS and Greater Binghamton Association of REALTORS. Information being provided is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by WNYREIS and Greater Binghamton Association of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.